Silver Rate in Silchar

FAQs on Silver Rate in Silchar

• Which factors are responsible for fluctuating silver prices in Silchar?

  The cost of the silver metal in Silchar is affected by various factors such as inflation, the supply and demand for silver in the market, any new trade policy implemented by the Government of India, local policies, and the base rate of the white metal. 

• Which factors should be kept in mind while selling silver in Silchar?

  In Silchar, silver exhibits a high degree of liquidity. Moreover, there are various jewelers and pawn shops within the urban area that facilitates the sale of silver at prevailing market rates. To secure the best price for the white metal, it is advisable to keep an eye on the current market rates and get quotations from multiple sources. It is also important to verify the weight of the silver item with a reputable jeweler. 

• What is the certification that should be checked before purchasing silver in Silchar?

  The certifications that should be checked before purchasing silver in Silchar are Assay centre’s identification mark, jeweler’s or manufacturer’s identification mark, BIS mark, purity, and year of making. 

• How to purchase silver in Silchar?

  There are certain points that should be remembered before purchasing silver in Silchar, and those are research silver rates in the city to observe market trends; decide what to purchase before making investment; and check for the required certifications to ensure authenticity of the precious metal. 

• How to invest in Silver in Silchar?

  Silvers can be purchased in the form of coins, bars, and jewelry and the traditional way of investing in silver is buying jewelry, silver coins, and silver household items. 

• How to buy silver bars in Silchar?

  Silver bars range between 500 grams to one kg and can be purchased from Silver Futures exchange and Silver ETF (Exchange Traded Fund). But at present there is no Silver ETF in Silchar with the closure of the National Spot Exchange. 

• What are the impacts of GST on silver rate?

  The market is sensitive to the application of GST in its operations in the acquisition of raw materials such as silver and gold, processing of products, and pricing. The GST Council has levied GST of 3.00% on silver and gold and its previous taxation level was 2.00%, while GST of 5.00% levied on jewelry making charges by the government. 

• What are the points that should be remembered before purchasing silver in Silchar?

  Some of the vital points that should be remembered before purchasing silver in Silchar are quality of silver to ensure that the is hallmarked by the Bureau of Indian Standards (BIS); intricate details and craftsmanship of the silver piece; fair price for the piece without additional price; check for hallmarking for authenticity of the metal; return and exchange policy; purpose of purchase; and aftercare of the silver piece. 

• How can I distinguish between German silver from pure silver?

  German silver is composed of copper and brass and undergoes polishing with silver. It does not bear a BIS logo. 

• Are current silver rates uniform across all states in India?

  No, the silver rates are not uniform. Silver rates differ across various states due to the difference in import costs and taxes. 

• Is it subject to capital gains tax for investments in silver?

  Indeed, investments in silver are subject to capital gains tax. For instance, should the investment be sold within a period of 36 months following the date of purchase, a 15% capital gains tax deduction may be applicable. Subsequently, after the initial 36-month period, a 10% tax rate will be imposed. 

• Is it subject to capital gains tax for investments in silver?

  Indeed, investments in silver are subject to capital gains tax. For instance, should the investment be sold within a period of 36 months following the date of purchase, a 15% capital gains tax deduction may be applicable. Subsequently, after the initial 36-month period, a 10% tax rate will be imposed. 

• When is the best time to make an investment in silver metal?

  You can invest in silver at any time of the year. However, keeping an eye on the market trends and buying when the silver price is low can be beneficial.